News
Saturday, May 29, 2010
NEC approves Rs 663 billion development outlay for 2010-11
* GDP target set at 4.5% g Federal component set at Rs 280 billion, ERRA to get Rs 10 billion, Rs 373 billion reserved for four provinces
By Ijaz Kakakhel
ISLAMABAD: The National Economic Council (NEC) on Friday approved Rs 663 billion developmental outlay for the country for the year 2010-11, a three percent increase over last year’s allocation of Rs 646 billion.
The NEC meeting, chaired by Prime Minister Yousaf Raza Gilani and the four chief ministers, set the GDP growth target at 4.5 percent.
Adviser to PM on Finance Dr Abdul Hafeez Shaikh, Planning Commission Deputy Chairman Nadeemul Haq and Federal Minister for Information and Broadcasting Qamar Zaman Kaira told reporters after the meeting that the total developmental outlay budget was Rs 280 billion as the federal component, Rs 10 billion for the Earthquake Reconstruction and Rehabilitation Authority (ERRA), and Rs 373 billion for the four provinces.
After the 18th Amendment and the 7th NFC Awards, Shaikh said the share of provinces had been increased to Rs 373 billion against last year’s allocation of Rs 200 billion, showing an increase of 86.5 percent.
To a question, he said the total developmental outlay for the year 2010-11 included Rs 78 billion as the foreign exchange component (FEC) and the Rs 38 billion-FEC included in the federal component of Public Sector Development Programme (PSDP) 2010-11.
About the sector-wise allocation, the Planning Commission deputy chairman said the government allocated Rs 35.4 billion for the water sector, Rs 29.7 billion for the energy sector, Rs 70.3 billion for the transport sector, Rs 5.9 billion for the agriculture sector, Rs 5.2 billion for the education sector, Rs 15.8 billion for the higher education sector and Rs 18.8 billion for the health sector.
Shaikh added that the actual realisation of the PSDP 2009-10 was Rs 480 billion against an allocation of Rs 604 billion, while the realisation of the federal component of Rs 300 billion stood at Rs 235 billion.
The realisation of provinces in the ongoing PSDP was Rs 245 billion against total allocation of Rs 294 billion.
He said the meeting reviewed last year’s PSDP, under which 216 projects had been completed so far.
Shaikh said transparency would be ensured in the implementation of the PSDP 2010-11, and all efforts would be made to ensure the releases of funds at scheduled period of times without any cut.
In this regard, the NEC has decided to hold meetings every four months and rationalised the projects, the finance adviser said.
Courtesy www.dailytimes.com.pk